Here’s a summary of what we learned from our April workshop with Johan Westrin on cryptocurrency – condensed in 7 tips before starting to invest:
1 – Set your goal
Before starting to invest in cryptocurrency, answer these questions:
- Motivation: Why are you interested in investing in cryptocurrency?
- Goal: What is your objective? What do you want to achieve with the investment?
These are the questions that you need to answer before starting to invest. They will be your guideline to your future decisions of buying and selling.
2 – Make your own decisions
There is a lot of information about cryptocurrency and investing out there. Take your time to question it, study it, and then make your own decisions based on a variety of sources. There is usually more than one truth. At the end of the day, it is your money that you are investing, so it’s also up to you to make decisions about it.
3 – Better be safe than sorry
Consider creating a new email that you only use to invest in cryptocurrency, e.g. to execute operations such as buying and selling. For that e-mail or any other account involved in investing, consider using a password management system, and to set up two-factor authentication (2FA). Be aware to never use public wifi.
4 – Choose your platform wisely
Johan Westrin recommends using binance.com because it has the cheapest fees, it’s the World’s largest one, and the most reliable based on his assessment. As mentioned above, do your research before choosing your platform for buying and selling.
Be aware that American citizens need to use a platform based in the US, due to their own regulations.
5 – Stay up to date
With the following resources you can stay informed and use the best tools for investing:
- Coin Market Cap – Has information of all crypto coins, prices, which market you can buy a specific coin. You can also check which wallets support a specific coin.
- Coin Desk – news
- Coin Telegraph – news
- Trading View – how trading deals with coins
- Blockfolio – An app where you can link any platform you are in and track your coins.
- Google Authenticator – important for protecting your keys (if you lose your phone, you will still have your keys).
6 – Use a trusted wallet
If you own your keys – you own your coins. If you leave your coins on a platform, they can disappear. A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency. Most coins have an official wallet. In order to use cryptocurrency, you’ll need to use one.
The most trusted and used hardware wallets are:
7 – Stick to the established
The top 10 coins are the most established coins in the market. Start with one of them.
We would like to thank Johan for taking the time to introduce cryptocurrencies and investing in them. Also a huge thanks to all 25 participants of the workshop! It has been a blast to learn about cryptocurrency with you! Feel free to reach out to Johan through j[email protected] for further questions.
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It turned out to be a very good introduction that enables me to start.